Don canvasses use of Chinese currency to benchmark Nigeria's budget

Date: 2021-01-12

Prof. Gafar Ijaiya, the Director of the Ilorin Business School (IBS), University of Ilorin, has advocated the use of the Chinese currency, Yuan, to benchmark Nigeria's budget.

Ijaiya, who made the call on Monday while speaking with newsmen in Ilorin, explained that, "China now seems to be our major trading partner; at the levels of government and individuals.

"More than 80 per cent of goods you see in the market today are made in China. So if that's the country that forms the bulk of our import, why continue to benchmark our budget using the American dollar?.

"This is the reason for the high cost of goods and services in the country."

According to him, if it were to be the Yuan in use, these goods will not be as expensive as they are.

He said that Nigeria is more of a consumer nation that no longer produces unlike in the '70s and '80s when the country had over 30, 000 industries with over 200 in Kwara State alone.

Ijaiya added that at that time, the exchange rate was about 60 kobo per dollar because Nigeria was producing.

The expert in Economics explained that there is a lot of pressure on the dollar and also on the government not to jettison the dollar, so people go for the dollar at every point in time to get goods.

He, however, opined that the dollar should be bypassed because even China does not accept the dollar during transactions, but in order to achieve this, the country needs the political will.

Ijaiya highlighted the various benchmarks or parameters used to prepare the national budget, which include the price of oil, the daily production of oil, which is about 1.86 million barrels per day.

Others, he explained were the exchange rate of N379 to the dollar as well as the parameter projecting that Gross Domestic Product (GDP) by three per cent and the inflation rate being projected at 11.95 per cent.

"These parameters have always been reoccurring and are becoming obsolete, therefore, the need to look further and extend them," he said.

Ijaiya therefore, recommended the exploitation of the solid mineral sector such as 'Tantalite' used in building the silencers of aircrafts, bullet-proof cars, bullet-proof vests.

Source

 

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Ilorin Metro Park     Modibbo Kawu     Oke-Oyi     Apado     Senate     Oyelere Oyinloye     V.O. Abioye     Kwara State Government     Aliyu Kora-Sabi     Alabe     Kwara Polytechnic     Aminat Omodara     Ilorin Emirate Stakeholders Forum     NURTW     Abdullahi Samari     Oloyede     Olusin Of Ijara Isin     Ibrahim Mohammed     Oyeyemi Olasumbo Florence     HYPPADEC     Lola Olabayo     Aso-ofi     Olayinka Jelili Yusuf     Ridhwanullah Al-Ilory     Bola Magaji     Mumini Ishola Hanafi     Village Alive Development Association     Bola Ahmed Tinubu     Taofik Abiodun Ahmed     Makama Of Kaiama     Eghe Igbinehin     Naira Redesign     Razaq Ayobami Akanbi     Jeunkunu-Malete-Bani     Chief Imam Of Ilorin     Babaloja-General     Adisa Logun     Metro Park     Kisra     Local Government     Bamidele Adegoke     Yusuf Amuda Gobir     Hamid Bobboyi     Micheal Imoudu     Maryam Ado Bayero     Suleiman Yahya Alapansapa     Iyabo Dupe Adekeye     Yeketi     Henry Olaosebikan     Suleiman Idris     Alagbado     Ayinde Oyepitan     SARS     Lawyers Unite Against Corruption     Shaykh Luqman Jimoh     Zara Umar     Alaro     Dar-Al-Handasah Consultants     Arca Santa     Jamiu Oyawoye     Mahfouz Adedimeji     Ajidagba     Lithium     Kwara State Television     Tinubu     Sarakite     Danhawa     Oloriegbe     Special Agro-industrial Processing Zone     Charcoal     Jimoh Saadudeen Muhammed     Temitope Ogunbanke     Owode Market     Kwara State Coalition Of Business And Professional Associations     Abdulrazaq Akorede     Bolaji Aladie     Shero    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Tunji Folami     State Bureau Of Internal Revenue     Lithium     Ilesha-Baruba-Gwanara     Tsaragi-Share     Akom Construction And Engineering Synergy Ltd     Grillo     Lanre Issa-Onilu     Moses Rahman Popoola     Isin     Ahmed Ayinla Jimoh     Adedeji Onimago     Baba-Isale     Kayode Ogunlowo     Michael Imoudu National Institute For Labour Studies     Abdulrahman Onikijipa     Sheikh Hamzat Yusuf Ariyibi     Islamic Development Bank     Saba Jibril     Saheed Alakoso     Abubakar Imam     Overland     Odolaye Aremu     Saka Isau     Yusuf Abdulkadir     Hausa     Tanke Flyover Bridge     Umar Ayinla Saro     Ojuekun Sarumi     IF-K     Societe Generale Bank Of Nigeria     Budo-Egba     Jimoh Akani     Abdullahi Atanda     Elerinjare     Towobola Abdulrahman Toyin     Ajia-Bako     Aishatu Ahmed Gobir     CLAY POT     Iqra Books     AGILE Programme     Abdulhakeem Adelaja Amao     IHS     Agbarere     Shola Odetundun     Aliyu Alhassan     Niguel Gallando Marcias     Ibrahim Labaika     Bashiru Makama     Olosi Of Osi     Sam Onile     Olayinka Oladapo Jogunola     Modupe Oluwole     Mohammed Danjuma     Saad Omo Iya     Ambassador Kayode Laro     Okiki     Yomi Adeboye     Balogun-Ojomu     New Model Police Station     Nigeria Computer Society     Halidu Danbaba     PPS     Coalition Of Kwara North Groups     Tafida     KWASEIC     Amusement Park     Orire     Ajibola Saliu Ajia     Yeketi     Zulkifli Ibraheem     Bolakale Saka     LAK Jimoh     Abdullahi Adisa Akodudu     Saba Mamman Daniel     Surajudeen Akanbi     Amuda Bembe